A recent report shows that the growing telehealth market is set to reach $16.7bn (~€15.20bn) by 2025.
As the global population increases and health services become more strained, the telehealth market is providing many solutions to help ease the pressure on health professionals.
The use of digital healthcare technology is used to help to deliver health education, medical care, and public health services by connecting multiple users from distinct locations. A report from Market Study Report has highlighted that the telehealth market will reach $16.7bn (~€15.20bn) by 2025, with North America taking a large share.
The telehealth market includes technology-enabled health care services, telemedicine, and services such as monitoring, assessment, communications, education, and prevention.
Telehealth also involves a wide range of videoconferencing, health information, telecommunications, and digital image technologies. The virtual technology and telecommunications are used in telehealth to deliver health care facilities outside of traditional healthcare facilities.
Breaking down the global telehealth market
The global telehealth market is segmented on the basis of component, mode of delivery, end user, and by region. By component, the global telehealth market is further segmented into three major categories, including hardware, software, and services.
The services segment accounted for a major share in the global telehealth market, which is further segmented into three major types, real-time interactions, remote monitoring, and store-and-forward consultations.
The growing awareness and acceptance of remote monitoring solutions and increasing technological advancement in telecommunication is the key factor responsible for the high share of telehealth services in the telehealth industry.
The hardware segment by component is further segmented into two types, medical peripheral devices, and monitors. The software segment is further segmented into, standalone software and integrated softwares.
Due to the increasing use of these digital technologies, the software segment in the telehealth industry is expected to grow at high compound annual growth rate (CAGR) during the forecast period. The software is the important tool of telehealth systems – working as an interface between the database and end users.
Telehealth includes virtual health care, where elderly or chronically ill patients are given medical guidance as well as treatment in certain procedures whilst residing at home.
The use of telehealth has made easy accessibility of medical tools and guidelines for both professionals as well as patients in terms of diagnosis and patient care.
North America takes major share
On the basis of region, the telehealth industry is segmented into the regions of North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
North America was estimated to account for a major share in the global telehealth industry in 2017, and the continuous increase in telehealth funding and government support for telehealth in the region is the one of key factor responsible for growth of the market.
The Asia Pacific region is expected to register a high CAGR during the forecast period, owing to the growing economy, and rising healthcare expenditure in that region.